Bolsonaro to Push Forward Giant Brazil Oil Sale, Adviser Says

Jair Bolsonaro’s energy team is keen to push for the sale of prized Brazilian crude deposits in an auction that could give Big Oil access to more black gold than all of Mexico’s proved reserves.

The plan would be to take bids in mid-2019 to help raise billions of dollars needed to reduce the South American country’s ballooning budget deficit, said Luciano de Castro, an adviser to the president-elect who’s leaving the faculty of the University of Iowa to join Bolsonaro’s transition team. The current administration estimates the sale could raise as much as 100 billion reais ($27 billion).
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